Redskins Owner Daniel Snyder announced that he has “enough shareholder votes to
remove” Six Flags Chair & CEO Kieran Burke, Six Flags CFO James Dannhauser and
Allen & Co. Managing Dir Stanley Shuman from the company’s BOD, according to Barry
Shlachter of the FT. WORTH STAR-TELEGRAM. Snyder claimed that 57% of the company’s
stockholders “voted to oust” the execs, who would be replaced by Snyder, Red Zone
CEO Mark Shapiro and NVR Inc. Chair Dwight Schar. Six Flags said that “no one
would leave the board until the votes are verified by an outside firm.” Red Zone
has filed a “summary finding in Delaware Chancery Court to seat its nominees and
remove” Burke, Dannhauser and Shuman. Snyder said that with control of the company,
he would “implement a new marketing strategy, sell off 3,500 acres of unused land
and replace Burke” as CEO with Shapiro (STAR-TELEGRAM, 11/23). Snyder would
become Six Flags Chair (AP, 11/23).

THREE’S NO CROWD: In DC, Annys Shin notes even if Snyder is successful
in securing the shareholders’ votes, he would land only three of the seven seats
on the BOD, “not enough to force Burke out and vote in Shapiro.” Also, Six Flags
managers in recent weeks “had urged shareholders to wait a few weeks longer before
making up their minds about Snyder’s plan so they could compare his offer” with
that of a prospective buyer. Snyder previously said that Red Zone “would not block
a sale of the company if a promising offer came along.” However, in materials
sent to shareholders, Snyder said that it “was not the right time to sell the
company” (WASHINGTON POST, 11/23).

PLANS FOR SIX FLAGS: The WALL STREET JOURNAL’s Dennis Berman reports under
Snyder and Shapiro’s plan, Six Flags theme parks “would focus less on teenagers
and more on families and younger children.” Snyder and Shapiro discussed parks
where marketers “could get their products directly in front of consumers -– and
pay Six Flags for the right to do so.” They also plan on “installing a set of
children’s entertainment characters ... to better attract children to the parks”
(WALL STREET JOURNAL, 11/23). In DC, Jen Haberkorn reports Red Zone, as
Snyder did at FedEx Field, would offer “exclusive food rights to vendors” inside
the parks, and would also look for credit card, cell phone and ATM companies (WASHINGTON
TIMES, 11/23).